Anora Group Oyj · OMXHEX:ANORA
Anora Group Oyj — Investor Presentation (September 2026)
79 slides from Anora Group Oyj's investor presentation, Sep 9, 2026
Slide 1: Investor presentation September 2026
Investor presentation September 2026
Slide 2: Welcome!
Welcome! We welcome your feedback – please fill in the feedback form! https://forms.cloud.microsoft/e/nRwbZxzthA
Slide 3: Today's agenda and speakers
Today’s agenda and speakers 1 Updated strategy 2 Business review 3 Financial review 4 Outlook for 2026 5 Q&A Kirsi Puntila Stein Eriksen CEO CFO
Slide 4: Updated strategy
Capital Markets Day 2025 Updated strategy The CEO's key messages today Fit, Fix, Focus: 1 Clear actions for 2 profitability and growth 3 We have a strong We have a clear foundation to direction to build future build on growth 4
Slide 5: Updated strategy: Key messages
Updated strategy: Key messages 1 Adapting to changes by building on our strengths 2 1 ImprovingThe CEO's key messages performance 2 today growth and generating with our new Fit, Fix, Focus strategy 3 3 We have Creating a strong strong shareholder value foundation to build on We have a clear directio
Slide 6: Our updated financial targets until the end of 2028
Our updated financial targets until the end of 2028 Financial targets until the end of 2028 Actual H1 2026 Actual 2025 6–7% p.a. Comparable EBITDA growth (EUR 85-90 million by the end of 12.8% 3.2% 2028) Organic growth > -5.0% Organic net sales growth n/a Market volume growth vs Market -3.4% Net IB
Slide 7: Anora is a leading wine and spirits brand house in the Nordic and Baltic region
Anora is a leading wine and spirits brand house in the Nordic and Baltic region. Our passion takes the best of the Nordics to the world and the best of the world to the Nordics. We are Anora, let’s drink better!
Slide 8: Anora has a strong dual model leading wine and spirits markets
Anora has a strong dual model which makes it a leader in the wine and spirits beverage markets in the Nordics and Baltics Finland Value of the Nordic market Wine Spirits Norway #1 #1 Wine Spirits Spirits #1 #1 Sweden 35% Wine Spirits Denmark #2 #1 EUR 13.9 billion Wine Spirits Baltics #1 #2 Wine Spi
Slide 9: Why the confidence? 1. The turnaround is in execution
Why the confidence? 1. The turnaround is no longer a plan – it is in execution, and showing in numbers
Slide 10: Fit, Fix, Focus initiatives provide a clear path to our mid-term targets
Fit, Fix, Focus initiatives provide a clear path to our mid-term targets 6-7% CAGR of comparable EBITDA ~10 ~20 ~20 71 85-90 2025 FIT (2025-2026) FIX (2025-2027) FOCUS (2026-2028) External FY 2028 (e) environment impact 10
Slide 11: Fit, Fix, Focus: Clear progress across all three priorities
Fit, Fix, Focus: Clear progress across all three priorities Fit largely secured. Fix delivering earnings and cash. Focus ramping up. 1 FIT 2 FIX 3 FOCUS Cost focus Performance and Growth paths structural profitability Simpler structure and lower Actions translating into earnings Early commercial win
Slide 12: FIT – Cost reduction initiatives delivering results
FIT · Cost focus FIT – Cost reduction initiatives delivering results Cost reduction on track in H1 2026 from organisational and sourcing efficiencies Organisational cost reductions Sourcing optimisation savings Progress vs CMD 2028 plan and stronger go-to-market set-up H1 2026 ~70% of Run Rate 2028
Slide 13: FIX – Value Management is driving a structural margin uplift
FIX · Performance & structural profitability FIX – Value Management is driving a structural margin uplift Revenue management is now embedded across all monopoly markets Highest H1 gross margin since the merger Changes to revenue management Margin uplift in every segment H1 2026 46.7 One pricing tool
Slide 14: FIX – Leaner balance sheet (inventory, working capital, net debt)
FIX · Performance & structural profitability FIX – Leaner balance sheet (inventory, working capital, net debt) The cash proof that the margin story is structural – leverage inside the <2.5x target Inventory, EUR million – book value per end of June EUR 260 million EUR 3.5 million 215 new credit faci
Slide 15: FOCUS – early commercial wins; share recovery the next proof point
FOCUS – early commercial wins; share recovery the FOCUS · Growth paths next proof point Overall market share under pressure in H1 2026 – early wins emerging where FFF has been live the longest 2. Growing categories & 3. Continue growing 1. Grow in our core channels internationally Sweden Wine share
Slide 16: Q2 2026 summary: Continued FFF actions driving Q2 comparable EBITDA growth
Q2 2026 summary: Continued FFF actions driving Q2 Comparable EBITDA growth Net debt Net sales Gross margin Comparable EBITDA 176.9 (199.1) EUR million 160.5 (165.5) 46.7 (42.6) 16.0 (14.0) NIBD/EBITDA 2.4x (3.0x) EUR million % of net sales EUR million (end of June) Lower Wine sales All segments impr
Slide 17: Why the confidence? 2. Growth is not dependent on market recovery
Why the confidence? 2. Growth is not dependent on market recovery
Slide 18: Our Focus growth priorities
Our Focus growth priorities 1 Grow in our core 2 Increase exposure in 3 Continue growing growing categories internationally and sales channels 1. Pursue spirits growth in export markets 1. Grow wine and spirits in core sales 1. Grow RTDs and low/no alcohol and GTR channels in Finland, Sweden, catego
Slide 19: Growth with our leading portfolio catering to all drinking occasions and consumer groups
Growth with our leading portfolio catering to all drinking occasions and consumer groups Own brands 54% of net sales Partner brands 46% of net sales 19
Slide 20: Anora is actively responding to local and global trends
Anora is actively responding to local and global trends ACCESSIBLE RESPONSIBLE EXPERIENCE 1 MODERATION 2 3 4 OVER PRODUCT PREMIUM CHOICES Aspiration for healthier Value conscious Consumers choose Need for simulation, lifestyle and changes consumers search for products that match meaning and belongin
Slide 21: Letter of intent signed on a strategic distribution agreement with Bacardi
Letter of intent signed on a strategic distribution agreement with Bacardi in Sweden and Norway Annualised net sales estimate: Binding agreement Would strengthen EUR 25-30 million subject to finalisation of Anora's position as the various negotiations. preferred partner in the Q4 2026 Nordic region
Slide 22: Why the confidence? 3. From balance sheet repair to capital allocation
Why the confidence? 3. We have moved from balance sheet repair to capital allocation
Slide 23: Cash flow generation is a priority
Cash flow generation is a priority Operational cash flow before change in Net debt and leverage working capital 4 286 3.5 253 50 220 3 43 218 208 201 199 203 38 2.5 177 177 150 2 138 26 122 1.5 102 1 0.5 0 2022 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2023 2023 2023 2024 2024 20
Slide 24: New EUR 260 million credit facilities signed at improved terms
New EUR 260 million credit facilities signed at improved terms Refinancing completed in June 2026: rightsized facilities cut annual financing costs by ~EUR 1 million¹ New facilities at a glance Old credit facilities New credit facilities (EUR million) (EUR million) • Facilities 330 EUR 140m term loa
Slide 25: Pulling all levers of ROIC
Pulling all levers of ROIC – driving Fit, Fix, Focus into tangible value creation Annual comparable CAPEX efficiency Working capital Disciplined M&A EBITDA growth 6–7% excellence CAPEX as % of net sales Disciplined criteria – breakdown of Working capital in % of net sales Fit, Fix, Focus Strategic f
Slide 26: Our capital allocation policy drives organic growth while safeguarding dividends
Our capital allocation policy drives organic growth while safeguarding attractive dividends and a strong balance sheet Illustrative capital allocation • Focus A&P on core and top-performing brands 1. Organic growth • Support new product launches 2. Dividend • Dividend between 50-70% of net result 3.
Slide 27: Why the confidence? 4. Competent, aligned, determined management
Why the confidence? 4. Competent, aligned, determined management to get the fitting and fixing done and deliver growth
Slide 28: Outlook 2026
Outlook 2026 Market outlook 2026 The alcoholic beverage consumption in Anora’s key markets is expected to remain structurally challenged, with industry data and consumer trends indicating continued volume pressure through 2026 and beyond. Guidance 2026 (unchanged) In 2026, Anora’s comparable EBITDA
Slide 29: Thank you for meeting us.
Thank you for meeting us. We welcome your feedback – please fill in the feedback form! https://forms.cloud.microsoft/e/nRwbZxzthA
Slide 30: Attachments
Attachments ANORA
Slide 31: Anora has many strengths to build on
Anora has many strengths to build on Wide distribution and channel access in Consumer the Nordics Experienced centric product and Baltics and empowered launches and professionals innovation Industry’s Leading portfolio best-in-class of own and manufacturing partner brands footprint 31
Slide 32: Anora is actively responding to local and global trends: Moderation
Anora is actively responding to local and global trends 1 MODERATION Aspiration for healthier lifestyle and changes in consumption habits Anora’s focus on liqueurs, Ready-to-Drink and 8 % wines 32
Slide 33: Anora is actively responding to local and global trends: Accessible premium
Anora is actively responding to local and global trends 2 ACCESSIBLE PREMIUM Value conscious consumers search for quality and craftsmanship at reasonable prices Anora’s focus on smaller sizes, special editions 33
Slide 34: Anora is actively responding to local and global trends: Responsible choices
Anora is actively responding to local and global trends 3 RESPONSIBLE CHOICES Consumers choose products that match their values Anora’s sustainability program led by Koskenkorva
Slide 35: Anora is actively responding to local and global trends: Experience
Anora is actively responding to local and global trends EXPERIENCE 4 OVER PRODUCT Need for simulation, meaning and belonging through brands Anora’s focus on digital brand experiences, online communities, events 35
Slide 36: Fit, Fix, Focus – Our strategic framework
Fit, Fix, Focus – Our strategic Structural framework to drive profitability organic growth Immediate Growth cost paths reductions Let’s Drink Better Sustainability Tech Innovation 36
Slide 37: Shared Go-to-Market teams
Fit strengthens our commercial operating model and optimises our sourcing – estimated savings impact of EUR 20 million Spirits and Wine will join forces in country-level Segments Go-To-Market teams leading to: • Breaking down organisational silos and inherited complexity Norway Industrial • Increase
Slide 38: Fix improves our structural profitability
Fix improves our structural profitability Portfolio and inventory Value management Supply chain and reduction contract manufacturing • Reducing complexity • Mix optimisation • Supply chain footprint optimisation • Inventory management • Improved revenue management • Increase volume of contract manuf
Slide 39: Our Focus growth priorities
Our Focus growth priorities 1 Grow in our core 2 Increase exposure in 3 Continue growing growing categories internationally and sales channels 39
Slide 40: Our Focus growth priorities: Grow in our core
Our Focus growth priorities We have extensive experience in operating with monopolies 1 Grow in our core EUR 141.3 million Anora net sales in 2025 1. Grow wine and spirits in core sales 46% channels in Finland, Sweden, Norway, Denmark and the Baltics EUR 90.8 million Anora net sales in 2025 of group
Slide 41: Our Focus growth priorities: Increase exposure in growing categories
Our Focus growth priorities Share of groceries revenue is increasing 2 Increase exposure in growing categories and sales channels 1. Grow RTDs and low/no alcohol 20% categories including glögg 2. Strengthen portfolio and distribution in Finnish grocery of group net sales in 2025 41
Slide 42: Our Focus growth priorities: Continue growing internationally
Our Focus growth priorities International business outside the Nordics 3 Continue growing Spirits exports to over internationally 1. Pursue spirits growth in export markets 30 countries and GTR 2. Export glöggs and scale exclusive retail supplier partnerships in Europe International sales • Baltics
Slide 43: We will support our growth priorities with disciplined M&A
We will support our growth priorities with disciplined M&A in a favourable market The industry landscape presents a unique opportunity for compelling valuations. M&A priorities to support Anora growth priorities: 1 Grow in our core Plug current portfolio gaps selectively Increase exposure 2 in growi
Slide 44: Our 2030 Sustainability Roadmap
Our 2030 Sustainability Roadmap Diverse, equitable and inclusive workplace and zero accidents resulting in absences Science-based targets set and validated by SBTi Fair and transparent value chain Fossil-free with the support of certifications, audits and our Code of Conduct production without compe
Slide 45: Driving margin-accretive innovations
Driving margin-accretive innovations Proven success Leader in Nordic spirits Rich history of innovation 9% innovation and other Growing categories and novelties Mindful drinking channels 200 5-year net sales CAGR Product novelty launches yearly Driving new occasions: casual home, Thanks to our dayti
Slide 46: Technology is a key enabler for executing our strategy
Technology is a key enabler for executing our strategy, especially in data analytics, marketing and innovation MARKETING • Unique market data from our operations • AI-driven marketing and A&P spend for tracking ROI and faster innovation cycles SYSTEMS • Data & analytics for real-time insights for de
Slide 47: Summary: Creating shareholder value by executing Fit, Fix, Focus
Summary: Creating shareholder value by executing Fit, Fix, Focus strategy – from operational discipline to sustainable shareholder returns Annual comparable EBITDA growth of 6-7% 1. Fit. Profitability first. Organic growth > market growth 2. Fix. Structural improvement Shareholder value creation 3.
Slide 48: Updated strategy: Fit, Fix, Focus will create shareholder value
Capital Markets Day 2025 Updated strategy The CEO's key messages today 1The Fit, Fix, Focus2 strategy will create 3 shareholder We have a strong foundation to value We have a clear direction to build future build on growth 48
Slide 49: We target an impact of EUR 10 million in incremental EBITDA in the Focus phase
We target an impact of EUR 10 million in incremental EBITDA in the Focus phase with the largest impact coming from the growth in our core business 1 Grow in our core 2 Increase exposure in 3 Continue growing growing categories internationally and sales channels 75% 15% 10% 49
Slide 50: Significant white spots in our core categories
Despite strong market positions we still see significant white spots in our core categories Market value (MSP) FINLAND SWEDEN NORWAY DENMARK BALTICS FINLAND SWEDEN NORWAY 2028 (MEUR)* Monopoly Monopoly Monopoly Open market Open market Grocery Grocery Grocery Vodka 146 84 109 39 221 Liqueurs 71 76 83
Slide 51: Increased efforts to grow in core have significant potential
Increased efforts to grow in core have significant potential to strengthen top line Example Italian Red Wine BiB Sweden “Reaching up” in whiskeys in Sweden Share of Anora’s share Anora Italian red Price points market volume of volume 1% wine in BiBs is Other over 40% competitors of total BiB red win
Slide 52: Financial targets until the end of 2028
Financial targets until the end of 2028 Financial targets until the end of 2028 Dividend paid/EUR share 6–7% p.a. 0.75 Comparable EBITDA growth (85-90 M€ by the end of 2028) 0.40 0.45 Organic growth > 0.42 Organic revenue growth 0.38 market growth 0.24 0.22 0.22 0.22 Net debt / comparable EBITDA (LT
Slide 53: Business review
Business review Kirsi Puntila CEO, Anora Group Plc 53
Slide 54: Highlights in Q2 2026
Highlights Strong brand presence at key summer events Continued growth in the RTD category Exciting summer launches across categories in Q2 2026 Our brands were highly visible Our ready-to-drink category We successfully launched a range at major summer festivals and continued its strong performance.
Slide 55: Wine
Business review Net sales (total) Wine EUR million -9.1% Q2 highlights Net sales declined by 9.1% to EUR 68.1 (74.9) million. The decline was primarily driven by lower sales and filler service volumes in Denmark, in addition to reduced volumes in Finland and Norway. Anora maintained its market leade
Slide 56: Spirits
Business review Net sales (total) Spirits EUR million Q2 highlights -1.5% Net sales declined by 1.5% to EUR 52.8 (53.6) million, which was primarily a result of earlier changes in the partner portfolio in 2025. Market shares in monopoly countries continued to present a challenge. The Baltics and Exp
Slide 57: Industrial
Business review Net sales (total) Industrial EUR million Q2 highlights 6.9% External net sales increased 7.3% to EUR 39.6 (36.9) million. The increase was driven by volume growth in ethanol and starch as well as in logistics services in Norway. The total net sales amounted to EUR 61.8 (57.8) million
Slide 58: Strong full-year performance and a balanced business
Strong full-year performance and a balanced business between categories and countries Net sales, MEUR Comparable EBITDA, MEUR Gross margin, % of net sales 657.9 71.1 44.4 Other Industrial countries 21.5 % 9% Sweden 33% Wine 45.8 % Beverage Anora Denmark Beverage Partner own Net sales 16% net sales b
Slide 59: Our business segments in 2025
Our business segments in 2025 Industrial Spirits Wine Net sales external, Comparable EBITDA Net sales, MEUR Comparable EBITDA Net sales, MEUR Comparable EBITDA MEUR margin margin margin 142 8.0% 215 18.8% 301 6.2% Logistics Partner Filler (Vectura) brands Anora Own Services 19% Industrial 33% Wines
Slide 60: Financial review
Financial review Stein Eriksen CFO, Anora Group Plc 60
Slide 61: Q2 2026 net sales decreased by 3.0%
Q2 2026 net sales decreased by 3.0% Net sales (external) Net sales (external) The decline was related to lower EUR million EUR million and change per segment Wine sales volumes in Denmark, together with the earlier lost -3.0% -3.0% volumes in the filler services and the earlier changes in Spirits pa
Slide 62: Q2 Group comparable EBITDA was up by 14.6%
Q2 Group comparable EBITDA was up by 14.6% from last year Comparable EBITDA Comparable EBITDA Q2 comparable EBITDA increased EUR million and % of net sales EUR million and change per segment to EUR 16.0 (14.0) million or 10.0% (8.4%) of net sales, driven by improvement in the Spirits and +14.6% Indu
Slide 63: FY 2025 net sales decreased by 4.9%
FY 2025 net sales decreased by 4.9% Net sales (external), EURm Net sales (external), EURm A significant part of the decline and change per segment related to lower volumes in Wine filler services and the earlier -4.9% -4.9% changes in Spirits partner portfolio 726.5 692.0 702.7 692.0 665.0 657.9 In
Slide 64: FY 2025 Group comparable EBITDA was up by 3.2%
FY 2025 Group comparable EBITDA was up by 3.2% from last year Comparable EBITDA, Comparable EBITDA, EURm Anora Group’s 2025 comparable EURm and % of net sales and change per segment EBITDA amounted to EUR 71.1 (68.9) million or 10.8% (10.0%) of +3.2% net sales. 101.0 71.1 0.0 +3.2% The operating exp
Slide 65: Gross margin up by over 8 pp in 3 years
Gross margin up by over 8 pp in 3 years – underlying improvement driven by revenue management Stabilisation of input costs Gross margin – underlying (Finnish barley) in 2007-2026 development Barley price Q2/2026 average: development 182 e/tn* EUR/tn* 46.5 46.5 43.6 42.6 42.3 42.7 38.4 39.6 2007 2011
Slide 66: Net debt development
Net debt development Net debt Net cash flow from operating activities: EUR -39.9€ million Net debt 7 7 66
Slide 67: Anora's YTD financial position
Anora’s YTD financial position Operational cash flow Liquidity reserves Net debt Leverage ratio (NIBD/EBITDA) 3.0x 2.4x 67
Slide 68: Net working capital
Net working capital Net working capital was at a level of -5% of net sales at the end of Net working capital, EUR million and % of net sales, (LTM) June (LTM) The Group’s net working capital amounted to EUR -32.8 (-10.3) million at the end of June. Inventory value decreased to EUR 132.5 (146.2) mill
Slide 69: Summary of Q2 2026
Summary of Q2 2026 Q2 comparable EBITDA Net sales declined to Completed successful increased to EUR 16.0 EUR 160.5 million (-3.0%), refinancing that will million, driven by due to lower Wine sales reduce the financial improvement in the Spirits volumes in Denmark, costs going forward. and Industrial
Slide 70: Thank you!
Thank you! Our next scheduled events: • Q3 Interim Report for 1-9/2026: 30 October 2026 70
Slide 71: Q&A
ANORA Q&A
Slide 72: Appendix
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Slide 73: Anora's top 10 shareholders 30 June 2026
Anora's top 10 shareholders 30 June 2026 Illustration of Anora’s ownership Shareholder Number of shares % of shares Canica AS 15,142,926 22.4% Solidium Oy 13,097,481 19.4% Geveran Trading Co. Limited 3,117,150 4.6% Hoff SA 1,522,554 2.3% Varma Mutual Pension Insurance Company 1,481,240 2.2% Ilmarine
Slide 74: Income statement
Income statement EUR million Q2 26 Q2 25 H1 26 H1 25 2025 Net sales 160.5 165.5 296.3 306.8 657.9 Other operating income 2.0 2.2 4.0 5.9 11.9 Materials and services -87.5 -97.3 -162.0 -177.2 -377.9 Employee benefit expenses -27.2 -25.1 -53.2 -52.0 -105.2 Other operating expenses -35.6 -31.9 -66.2 -6
Slide 75: Balance sheet
Balance sheet EUR million 30 Jun 2026 30 Jun 2025 31 Dec 2025 Assets Non-current assets Goodwill 303.9 301.3 303.8 Other intangible assets 177.3 190.2 176.3 Property, plant and equipment 70.8 64.2 65.0 Right-of-use assets 53.3 57.2 53.6 Investments in associates 10.4 11.2 10.5 Other non-current asse
Slide 76: Equity and liabilities
EUR million 30 Jun 2026 30 Jun 2025 31 Dec 2025 Equity and liabilities Equity attributable to owners of the parent Share capital 61.5 61.5 61.5 Invested unrestricted equity fund 336.8 336.8 336.8 Hedge reserve 1.6 -2.1 -1.7 Translation differences -44.1 -48.1 -44.9 Retained earnings 23.2 35.2 41.0 E
Slide 77: Executive Management Team at Anora Group
Executive Management Team at Anora Group Kirsi Puntila Stein Eriksen Johanna Sundén Mikkel Pilemand Chief People and Chief Growth & Transformation CEO CFO Communications Officer (CPCO) Officer (CGTO) Imre Avalo Hannu Vähämurto Anna Möller Thomas Heinonen SVP, Wine General Counsel SVP, Spirits SVP, I
Slide 78: Anora's Board of Directors
Anora’s Board of Directors Atle Vidar Nagel Johansen Jyrki Mäki-Kala Christer Kjos Florence Rollet Chairperson Vice Chairperson Member Member Chair of the HR Committee Chair of the Audit Committee Member of the Audit Committee Member of the HR Committee Shareholdings: 24,000 Shareholdings: 13,600 Sh
Slide 79: ANORA
ANORA